What term refers to costs shared among unit owners for maintenance?

The term that refers to costs shared among unit owners for maintenance is "Common Expenses." In a condominium setting, these expenses arise from the need to maintain shared facilities and services that benefit all unit owners, such as landscaping, snow removal, building repairs, and utility costs for common areas. Common expenses are typically covered by the contributions made by each unit owner based on the percentage of ownership they hold in the condominium corporation, which ensures that costs are fairly distributed.

The concept of common expenses is integral to the proper functioning and management of condominium properties, as it helps maintain shared spaces and services, fostering a sense of community and ensuring the overall upkeep of the property. This structure allows unit owners to manage these costs collectively, rather than individually, thus making it more efficient and practical for all involved.